shmadz
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Activity: 1512
Merit: 1000
@theshmadz
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May 30, 2015, 01:11:30 AM |
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Lol 26000 unconfirmed transactions. And blockchain.info is lagged like shit.
I think what's happening is other nodes are hanging onto 26,000+ old transactions while blockchain.info drops them after a certain amount of time, with only 5000 transactions, hence the discrepancy.
Where do you get the 26000 number? I suspect many of the transactions will be considered spam or below the dust limit or whatever. I'll be watching this guy's attempt to see if these transactions ever get accepted. https://blockchain.info/address/12qLgVrkW561PbpfvokKwfj7CPjCVwwCTSAre they paying the fees for those transactions, and how much is the combined total of fees paid? I assume the miners will ignore any transactions with no fees. edit] Block 358596 had fees of 0.4 Bitcoins. Spamming the Bitcoin network is not cheap. https://blockchain.info/tx/7e10ba892d255c7c035e44b9a4216519d2ffbf4454f59f3cd5c1be3d23b5f3d9That's the first transaction he sent, paid 0.000019 BTC in fees. I'm pretty sure all his transaction will go through eventually. Also pretty sure that all this panic that bitcoin will collapse if we reach the block limit is just a bunch of bullshit FUD. [Rant] the main chain should not be treated as if it is a free unlimited resource. There should be a cost involved to place your entry in the blockchain, eventually, this cost will be significant. Scarcity on the main chain should be preserved.Personally, I'm still undecided on how we can achieve this super-secure ledger while still offering a reasonably secure solution for everyday transactions, but I'm currently leaning towards side chains... or even just using alt coins, if there were low enough friction of transferring back and forth [/rant]
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The grue lurks in the darkest places of the earth. Its favorite diet is adventurers, but its insatiable appetite is tempered by its fear of light. No grue has ever been seen by the light of day, and few have survived its fearsome jaws to tell the tale.
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adamstgBit
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Merit: 1037
Trusted Bitcoiner
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May 30, 2015, 01:38:57 AM |
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Blocks get time bugged... Block #358597 was "find" after #358598 LOL! mine shows block 358597 found 4 mins before 358598
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ChartBuddy
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Activity: 2156
Merit: 1745
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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May 30, 2015, 01:58:31 AM |
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alesx.onfire
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May 30, 2015, 02:28:08 AM |
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Blocks get time bugged... Block #358597 was "find" after #358598 LOL! mine shows block 358597 found 4 mins before 358598 lol the end is near
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spooderman
Legendary
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Activity: 1638
Merit: 1022
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May 30, 2015, 02:32:29 AM |
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tiem too sel all teh bticions
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BlackSpidy
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May 30, 2015, 02:37:47 AM |
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tiem too sel all teh bticions
Nah, not worth the effort. Dump them all to 1bHPh41CeaBqPqT8zqzjgwcXmyKL67khe. The poor bastard wont know what hit him.
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JorgeStolfi
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May 30, 2015, 02:48:46 AM |
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For whatever it is worth: Greyscale BIT shares (GBTC) daily trading summary: ! OTX ! OTX ! FRT ! FRT ! FRT ! FRT ! FRT ! FRT ! FRT ! FRT ! Date ! UpS_LO ! UpS_HI ! NTr ! UpS_LO ! UpS_HI ! VSHR ! VBTC ! VUSD ! UpS ! UpB ! OBS -----------+--------+--------+-----+--------+--------+--------+--------+------------+-----------+----------+---------- 2015-05-04 | 37.98 | 42.00 | | . | 200.00 | 765 | 76.5 | . | . | . | (+0)(+1) 2015-05-05 | 55.00 | 94.86 | 18 | 50.00 | 175.00 | 435 | 43.5 | 32198.00 | 74.01839 | 740.1839 | (+0) 2015-05-06 | . | . | 4 | 65.00 | 68.00 | 125 | 12.5 | 8268.50 | 66.14800 | 661.4800 | (+0) 2015-05-07 | 40.00 | 66.00 | 45 | 40.00 | 86.00 | 2844 | 284.4 | 163651.00 | 57.54255 | 575.4255 | 2015-05-08 | 49.00 | 59.00 | 68 | 49.00 | 59.00 | 14807 | 1480.7 | 750019.70 | 50.65305 | 506.5305 |
2015-05-11 | 50.00 | 57.95 | 53 | 49.50 | 57.95 | 2756 | 275.6 | 143247.34 | 51.97654 | 519.7654 | 2015-05-12 | 49.00 | 50.01 | 31 | 49.00 | 52.25 | 2286 | 228.6 | 113299.25 | 49.56223 | 495.6223 | 2015-05-13 | 49.00 | 49.00 | 10 | 49.00 | 50.00 | 327 | 32.7 | 16113.10 | 49.27554 | 492.7554 | 2015-05-14 | 44.00 | 49.00 | 54 | 44.00 | 49.95 | 20894 | 2089.4 | 1004923.74 | 48.09628 | 480.9628 | (+2) 2015-05-15 | 38.00 | 45.00 | 29 | 38.00 | 45.00 | 2320 | 232.0 | 97444.35 | 42.00188 | 420.0188 |
2015-05-18 | 27.15 | 38.00 | 58 | 27.15 | 38.00 | 4950 | 495.0 | 158115.83 | 31.94259 | 319.4259 | 2015-05-19 | 27.90 | 29.50 | 39 | 27.89 | 29.90 | 4308 | 430.8 | 122327.92 | 28.39552 | 283.9552 | 2015-05-20 | 29.25 | 32.25 | 28 | 29.25 | 32.25 | 4859 | 485.9 | 148652.00 | 30.59313 | 305.9313 | 2015-05-21 | 30.50 | 32.00 | 19 | 30.50 | 32.00 | 2882 | 288.2 | 90663.50 | 31.45854 | 314.5854 | 2015-05-22 | 31.90 | 33.10 | 28 | 31.90 | 33.10 | 4971 | 497.1 | 160009.60 | 32.18861 | 321.8861 |
2015-05-26 | 31.92 | 32.00 | 18 | 31.00 | 32.00 | 1148 | 114.8 | 36623.50 | 31.90200 | 319.0200 | (+3) 2015-05-27 | 30.55 | 31.51 | 4 | 30.55 | 32.00 | 404 | 40.4 | 12444.00 | 30.80198 | 308.0198 | 2015-05-28 | 30.50 | 33.00 | 13 | 30.30 | 33.00 | 1140 | 114.0 | 35701.40 | 31.31702 | 313.1702 | 2015-05-29 | 31.95 | 33.00 | 10 | 31.95 | 33.00 | 463 | 46.3 | 15174.00 | 32.77322 | 327.7322 |
"OTX" data from the GBTC quote page at OTCQX. "FRT" data from the Freerealtime site, except those flagged (+0) and (+1) (see below). UpS_LO = Lowest price (USD/share) in the specified day. UpS_HI = Highest price (USD/share) in that day. NTr = Number of listed trades in day. VSHR = Number of shares traded in that day. VBTC = Number of BTC equivalent to those shares (ignoring fees) = VSHR*10. VUSD = Trade volume in USD (sum over all trades of num of shares times price per share). UpS = Average price in day (USD/share) = VUSD/VSHR. UpB = Implied bitcoin price (USD/BTC) = VUSD*10/VSHR. OBSERVATIONS: (+0) The "FRT" price range for this entry was obtained from this post. (+1) For 2015-05-04, the values of NTr, UpS_LO, VSHR, VUSD, and UpS could not be determined; the value of VSHR was taken from the OTCQX page. (+2) The summary pages at OTCQX and FreeRealTime.com say VSHR = 19894, but adding the FreeRealTime list of trades we get 20894 (1000 more). The VSHR value given above is the latter. There were 2 trades near the end of the day; perhaps one was undoing the other? (+3) No data on 2015-05-25; a holiday?
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adamstgBit
Legendary
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Activity: 1904
Merit: 1037
Trusted Bitcoiner
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May 30, 2015, 02:49:18 AM Last edit: May 30, 2015, 03:08:01 AM by adamstgBit |
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Lol 26000 unconfirmed transactions. And blockchain.info is lagged like shit.
I think what's happening is other nodes are hanging onto 26,000+ old transactions while blockchain.info drops them after a certain amount of time, with only 5000 transactions, hence the discrepancy.
Where do you get the 26000 number? I suspect many of the transactions will be considered spam or below the dust limit or whatever. I'll be watching this guy's attempt to see if these transactions ever get accepted. https://blockchain.info/address/12qLgVrkW561PbpfvokKwfj7CPjCVwwCTSAre they paying the fees for those transactions, and how much is the combined total of fees paid? I assume the miners will ignore any transactions with no fees. edit] Block 358596 had fees of 0.4 Bitcoins. Spamming the Bitcoin network is not cheap. https://blockchain.info/tx/7e10ba892d255c7c035e44b9a4216519d2ffbf4454f59f3cd5c1be3d23b5f3d9That's the first transaction he sent, paid 0.000019 BTC in fees. I'm pretty sure all his transaction will go through eventually. Also pretty sure that all this panic that bitcoin will collapse if we reach the block limit is just a bunch of bullshit FUD. [Rant] the main chain should not be treated as if it is a free unlimited resource. There should be a cost involved to place your entry in the blockchain, eventually, this cost will be significant. Scarcity on the main chain should be preserved.Personally, I'm still undecided on how we can achieve this super-secure ledger while still offering a reasonably secure solution for everyday transactions, but I'm currently leaning towards side chains... or even just using alt coins, if there were low enough friction of transferring back and forth [/rant] Everyday purchases can be done using a 3rd party that you periodically top off. for example using http://www.getonebit.com/ to buy stuff anywere paypas is appected. I cant wait for this to be in beta, hopefully i get in on the "early access" in anycase, i don't see why TX costs has to increase, for now the mining reward is sufficient, and TX vol will increase, 30 years from now when there is no more block reward the network will avg 100TX per second, 8,640,000TX a day, each with a 0.00001BTC fee bring in ~86.4BTC a day making the block reward ~0.6BTC. Assuming a tx fee of 0.00001BTC = 10 cents that means 1BTC = 10,000 dollars, making the block reward 6000$, currently the block reward is about 5900$, so we should be able to deliver the same kind of network security based off of TX fees alone. Maybe bitcoin is used by 2million poeple making an avg of 4.3 TX a day ( actually using bitcoin for day to day purchases ) These users would incur fees of 43cents a day or 13$ a month or 157.05$ year in TX fees, which appears to be competitive with banking fees bottom line we need 2 million people using bitcoin for the network to be secure without a block reward doable.
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JorgeStolfi
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May 30, 2015, 02:50:46 AM |
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For whatever it is worth too: KnC's Bitcoin Tracker One notes (BITCOIN-XBT) -- daily trading summary: Date ! NTr ! SpN_LO ! SpN_HI ! VNOT ! VBTC ! VSEK ! SpN ! SpU ! UpB ! OBS -----------+-----+--------+--------+--------+---------+------------+----------+------+--------+----- 2015-05-18 | 120 | 9.66 | 9.73 | 189783 | 948.915 | 1837195.92 | 9.68051 | 8.24 | 234.96 | 2015-05-19 | 77 | 9.61 | 9.72 | 109376 | 546.880 | 1057572.27 | 9.66914 | 8.35 | 231.60 | 2015-05-20 | 31 | 9.68 | 9.79 | 90988 | 454.940 | 886232.68 | 9.74011 | 8.35 | 233.30 | 2015-05-21 | 18 | 9.74 | 9.79 | 135233 | 676.165 | 1319500.95 | 9.75724 | 8.32 | 234.55 | 2015-05-21 | 23 | 9.72 | 9.89 | 128618 | 643.090 | 1259617.61 | 9.79348 | 8.32 | 235.42 |
2015-05-25 | 29 | 9.91 | 10.10 | 90759 | 453.795 | 902925.40 | 9.94860 | 8.41 | 236.59 | 2015-05-26 | 30 | 9.96 | 10.03 | 151238 | 756.190 | 1512820.76 | 10.00291 | 8.43 | 237.32 | 2015-05-27 | 14 | 10.04 | 10.12 | 86275 | 431.375 | 868373.30 | 10.06518 | 8.51 | 236.55 | 2015-05-28 | 25 | 10.01 | 10.09 | 72006 | 360.030 | 723643.90 | 10.04977 | 8.48 | 237.02 | 2015-05-29 | 28 | 9.98 | 10.04 | 106617 | 533.085 | 1066415.00 | 10.00230 | 8.52 | 234.80 | -----------+-----+--------+--------+--------+---------+------------+----------+------+--------+-----
Data from the BITCOIN-XBT page at NetFonds.se. NTr = Number of trades listed in day. SpN_LO = Lowest price (SEK/note) in specified day. SpN_HI = Highest price (SEK/note) in the specified day. VNOT = Number of notes (shares) traded in day. VBTC = Trade volume in BTC, ignoring fees = VNOT/200. VSEK = Trade volume in SEK (sum over all trades of num of notes times price per note). SpN = Average note price in SEK for that day = VSEK/VNOT. SpU = Assumed SEK/USD currency exchange rate (typically from www.xe.com, some time during day). UpB = Average implied USD/BTC price ignoring fees = SpN*200/SpU
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ChartBuddy
Legendary
Offline
Activity: 2156
Merit: 1745
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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May 30, 2015, 02:57:29 AM |
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svein
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May 30, 2015, 03:33:40 AM |
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For whatever it is worth too: KnC's Bitcoin Tracker One notes (BITCOIN-XBT) -- daily trading summary: Date ! NTr ! SpN_LO ! SpN_HI ! VNOT ! VBTC ! VSEK ! SpN ! SpU ! UpB ! OBS -----------+-----+--------+--------+--------+---------+------------+----------+------+--------+----- 2015-05-18 | 120 | 9.66 | 9.73 | 189783 | 948.915 | 1837195.92 | 9.68051 | 8.24 | 234.96 | 2015-05-19 | 77 | 9.61 | 9.72 | 109376 | 546.880 | 1057572.27 | 9.66914 | 8.35 | 231.60 | 2015-05-20 | 31 | 9.68 | 9.79 | 90988 | 454.940 | 886232.68 | 9.74011 | 8.35 | 233.30 | 2015-05-21 | 18 | 9.74 | 9.79 | 135233 | 676.165 | 1319500.95 | 9.75724 | 8.32 | 234.55 | 2015-05-21 | 23 | 9.72 | 9.89 | 128618 | 643.090 | 1259617.61 | 9.79348 | 8.32 | 235.42 |
2015-05-25 | 29 | 9.91 | 10.10 | 90759 | 453.795 | 902925.40 | 9.94860 | 8.41 | 236.59 | 2015-05-26 | 30 | 9.96 | 10.03 | 151238 | 756.190 | 1512820.76 | 10.00291 | 8.43 | 237.32 | 2015-05-27 | 14 | 10.04 | 10.12 | 86275 | 431.375 | 868373.30 | 10.06518 | 8.51 | 236.55 | 2015-05-28 | 25 | 10.01 | 10.09 | 72006 | 360.030 | 723643.90 | 10.04977 | 8.48 | 237.02 | 2015-05-29 | 28 | 9.98 | 10.04 | 106617 | 533.085 | 1066415.00 | 10.00230 | 8.52 | 234.80 | -----------+-----+--------+--------+--------+---------+------------+----------+------+--------+-----
Data from the BITCOIN-XBT page at NetFonds.se. NTr = Number of trades listed in day. SpN_LO = Lowest price (SEK/note) in specified day. SpN_HI = Highest price (SEK/note) in the specified day. VNOT = Number of notes (shares) traded in day. VBTC = Trade volume in BTC, ignoring fees = VNOT/200. VSEK = Trade volume in SEK (sum over all trades of num of notes times price per note). SpN = Average note price in SEK for that day = VSEK/VNOT. SpU = Assumed SEK/USD currency exchange rate (typically from www.xe.com, some time during day). UpB = Average implied USD/BTC price ignoring fees = SpN*200/SpU what is the meaning of your stuff? (that we are going nowhere but down, I guess)
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adamstgBit
Legendary
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Activity: 1904
Merit: 1037
Trusted Bitcoiner
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May 30, 2015, 03:34:10 AM |
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... Everyday purchases can be done using a 3rd party that you periodically top off. for example using http://www.getonebit.com/ to buy stuff anywere paypas is appected. I cant wait for this to be in beta, hopefully i get in on the "early access" in anycase, i don't see why TX costs has to increase, for now the mining reward is sufficient, and TX vol will increase, 30 years from now when there is no more block reward the network will avg 100TX per second, 8,640,000TX a day, each with a 0.00001BTC fee bring in ~86.4BTC a day making the block reward ~0.6BTC. Assuming a tx fee of 0.00001BTC = 10 cents that means 1BTC = 10,000 dollars, making the block reward 6000$, currently the block reward is about 5900$, so we should be able to deliver the same kind of network security based off of TX fees alone. Maybe bitcoin is used by 2million poeple making an avg of 4.3 TX a day ( actually using bitcoin for day to day purchases ) These users would incur fees of 43cents a day or 13$ a month or 157.05$ year in TX fees, which appears to be competitive with banking fees bottom line we need 2 million people using bitcoin for the network to be secure without a block reward doable. right now we are at like 1.5 TX per second so we need an increase of 6666.66666666666% in TX vol assuming price rises by 6666.66666666666% aswell that gives us a price of 15,800$ making the 10 cent tx fee look more like 6.329113924050633 e-6... assuming price discovery will over shoot this 15,800$ BTC target by a factor of 2.5 we should see >32,000$ bitcoins in <2 years >32,000$ bitcoins in <2 years
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shmadz
Legendary
Offline
Activity: 1512
Merit: 1000
@theshmadz
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May 30, 2015, 03:43:54 AM |
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Lol 26000 unconfirmed transactions. And blockchain.info is lagged like shit.
I think what's happening is other nodes are hanging onto 26,000+ old transactions while blockchain.info drops them after a certain amount of time, with only 5000 transactions, hence the discrepancy.
Where do you get the 26000 number? I suspect many of the transactions will be considered spam or below the dust limit or whatever. I'll be watching this guy's attempt to see if these transactions ever get accepted. https://blockchain.info/address/12qLgVrkW561PbpfvokKwfj7CPjCVwwCTSAre they paying the fees for those transactions, and how much is the combined total of fees paid? I assume the miners will ignore any transactions with no fees. edit] Block 358596 had fees of 0.4 Bitcoins. Spamming the Bitcoin network is not cheap. https://blockchain.info/tx/7e10ba892d255c7c035e44b9a4216519d2ffbf4454f59f3cd5c1be3d23b5f3d9That's the first transaction he sent, paid 0.000019 BTC in fees. I'm pretty sure all his transaction will go through eventually. Also pretty sure that all this panic that bitcoin will collapse if we reach the block limit is just a bunch of bullshit FUD. [Rant] the main chain should not be treated as if it is a free unlimited resource. There should be a cost involved to place your entry in the blockchain, eventually, this cost will be significant. Scarcity on the main chain should be preserved.Personally, I'm still undecided on how we can achieve this super-secure ledger while still offering a reasonably secure solution for everyday transactions, but I'm currently leaning towards side chains... or even just using alt coins, if there were low enough friction of transferring back and forth [/rant] Everyday purchases can be done using a 3rd party that you periodically top off. for example using http://www.getonebit.com/ to buy stuff anywere paypas is appected. I cant wait for this to be in beta, hopefully i get in on the "early access" in anycase, i don't see why TX costs has to increase, for now the mining reward is sufficient, and TX vol will increase, 30 years from now when there is no more block reward the network will avg 100TX per second, 8,640,000TX a day, each with a 0.00001BTC fee bring in ~86.4BTC a day making the block reward ~0.6BTC. Assuming a tx fee of 0.00001BTC = 10 cents that means 1BTC = 10,000 dollars, making the block reward 6000$, currently the block reward is about 5900$, so we should be able to deliver the same kind of network security based off of TX fees alone. 8,640,000TX @ 10 cents a TX = 8640$ a day to keep bitcoin running. Maybe bitcoin is used by 2million poeple making an avg of 4.3 TX a day ( actually using bitcoin for day to day purchases ) These users would incur fees of 43cents a day or 13$ a month or 157.05$ year in TX fees, which appears to be competitive with banking fees bottom line we need 2 million people using bitcoin for the network to be secure without a block reward doable. OK, but you are giving the same level of security (around 6000 dollars per block rewards) that is currently protecting a network worth about 3.5 billion and you want to use that same level incentive to protect a network where (1BTC = 10,000 dollars, so network worth about 210 billion)- and that doesn't even take into consideration colored coins representing equity in companies trading on nasdaq (coming soon You are talking about a network worth a hundred times more, so the fees would need to be a hundred times higher (in this example, $10 fee to embed your transaction, perfectly reasonable, cheap even) Bitcoin should be used for buying houses and lambos and private islands and settling debts between nations, not for buying coffee or tipping 25 cents to watch a you tube video. ... I don't have the answer, I don't think anyone can know for sure. I just think that bitcoin's killer app is the security and immutability of the Blockchain, and unless you can leverage the value of that security by enforcing scarcity and providing sufficient incentive to the miners to provide that security, then it's just not going to work.
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JorgeStolfi
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May 30, 2015, 03:46:53 AM |
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what is the meaning of your stuff? (that we are going nowhere but down, I guess)
It is just data.
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ChartBuddy
Legendary
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Activity: 2156
Merit: 1745
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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May 30, 2015, 03:57:32 AM |
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adamstgBit
Legendary
Offline
Activity: 1904
Merit: 1037
Trusted Bitcoiner
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May 30, 2015, 04:01:20 AM |
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Lol 26000 unconfirmed transactions. And blockchain.info is lagged like shit.
I think what's happening is other nodes are hanging onto 26,000+ old transactions while blockchain.info drops them after a certain amount of time, with only 5000 transactions, hence the discrepancy.
Where do you get the 26000 number? I suspect many of the transactions will be considered spam or below the dust limit or whatever. I'll be watching this guy's attempt to see if these transactions ever get accepted. https://blockchain.info/address/12qLgVrkW561PbpfvokKwfj7CPjCVwwCTSAre they paying the fees for those transactions, and how much is the combined total of fees paid? I assume the miners will ignore any transactions with no fees. edit] Block 358596 had fees of 0.4 Bitcoins. Spamming the Bitcoin network is not cheap. https://blockchain.info/tx/7e10ba892d255c7c035e44b9a4216519d2ffbf4454f59f3cd5c1be3d23b5f3d9That's the first transaction he sent, paid 0.000019 BTC in fees. I'm pretty sure all his transaction will go through eventually. Also pretty sure that all this panic that bitcoin will collapse if we reach the block limit is just a bunch of bullshit FUD. [Rant] the main chain should not be treated as if it is a free unlimited resource. There should be a cost involved to place your entry in the blockchain, eventually, this cost will be significant. Scarcity on the main chain should be preserved.Personally, I'm still undecided on how we can achieve this super-secure ledger while still offering a reasonably secure solution for everyday transactions, but I'm currently leaning towards side chains... or even just using alt coins, if there were low enough friction of transferring back and forth [/rant] Everyday purchases can be done using a 3rd party that you periodically top off. for example using http://www.getonebit.com/ to buy stuff anywere paypas is appected. I cant wait for this to be in beta, hopefully i get in on the "early access" in anycase, i don't see why TX costs has to increase, for now the mining reward is sufficient, and TX vol will increase, 30 years from now when there is no more block reward the network will avg 100TX per second, 8,640,000TX a day, each with a 0.00001BTC fee bring in ~86.4BTC a day making the block reward ~0.6BTC. Assuming a tx fee of 0.00001BTC = 10 cents that means 1BTC = 10,000 dollars, making the block reward 6000$, currently the block reward is about 5900$, so we should be able to deliver the same kind of network security based off of TX fees alone. 8,640,000TX @ 10 cents a TX = 8640$ a day to keep bitcoin running. Maybe bitcoin is used by 2million poeple making an avg of 4.3 TX a day ( actually using bitcoin for day to day purchases ) These users would incur fees of 43cents a day or 13$ a month or 157.05$ year in TX fees, which appears to be competitive with banking fees bottom line we need 2 million people using bitcoin for the network to be secure without a block reward doable. OK, but you are giving the same level of security (around 6000 dollars per block rewards) that is currently protecting a network worth about 3.5 billion and you want to use that same level incentive to protect a network where (1BTC = 10,000 dollars, so network worth about 210 billion)- and that doesn't even take into consideration colored coins representing equity in companies trading on nasdaq (coming soon You are talking about a network worth a hundred times more, so the fees would need to be a hundred times higher (in this example, $10 fee to embed your transaction, perfectly reasonable, cheap even) Bitcoin should be used for buying houses and lambos and private islands and settling debts between nations, not for buying coffee or tipping 25 cents to watch a you tube video. ... I don't have the answer, I don't think anyone can know for sure. I just think that bitcoin's killer app is the security and immutability of the Blockchain, and unless you can leverage the value of that security by enforcing scarcity and providing sufficient incentive to the miners to provide that security, then it's just not going to work. who knows... have you considered secret option #3 in which bitcoin is used by everyone on earth and the computing power required to secure the network is provided by governments ( because China has to make sure US doesn't try to double spend their debt payments ) allowing for totally free BTC payment for everyone.
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Cconvert2G36
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May 30, 2015, 04:04:11 AM |
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what is the meaning of your stuff? (that we are going nowhere but down, I guess)
It is just data. Thanks for the effort Stolfi. An illiquid pink sheet and a nasdaq nordic etn from KnC are about as exciting as they will be. The SEC should just green light COIN now, the lack of interest might serve their interests.
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shmadz
Legendary
Offline
Activity: 1512
Merit: 1000
@theshmadz
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May 30, 2015, 04:05:08 AM |
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Btw, 550 transactions with less than half a cent fee took less than 4 hours to clear - even during an intentional spam attack on the network that saw unconfirmed transactions exceed 25,000. https://blockchain.info/address/12qLgVrkW561PbpfvokKwfj7CPjCVwwCTSThere is no evidence that bitcoin will crash and burn once we reach the block limit. I would rather tackle the problem of sustainable transaction fees to support the miners now when the network is still small than push of the problem several years into the future when the network might be several times larger.
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JorgeStolfi
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May 30, 2015, 04:24:03 AM |
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Two observations about GBTC and Bitcoin Tracker One: The volumes of BTrOne notes traded in the first two weeks were equivalent to 3269 BTC and 2534 BTC, respectively. According to the Blockchain.Info piechart, KnC has ~5% of the total hashpower; that means that they should be mining ~1300 BTC (about 300 k USD) per week. The average BIT share was originally sold for 485 USD/BTC.
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Cconvert2G36
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May 30, 2015, 04:24:33 AM |
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Btw, 550 transactions with less than half a cent fee took less than 4 hours to clear - even during an intentional spam attack on the network that saw unconfirmed transactions exceed 25,000. https://blockchain.info/address/12qLgVrkW561PbpfvokKwfj7CPjCVwwCTSThere is no evidence that bitcoin will crash and burn once we reach the block limit. I would rather tackle the problem of sustainable transaction fees to support the miners now when the network is still small than push of the problem several years into the future when the network might be several times larger. I agree that block capacity is not an issue now. But is the time of 25btc and 12.5 btc block rewards the time to be seeking byte size rents? Maybe we should allow the network to grow to the point in which the benefits of using the chain are much more meaningful? It is good to test a child when they are young, but also important to let them grow and adjust to the level at which they can withstand the test.
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